(Bloomberg) -- Jupiter Fund Management Plc is hiring three investment professionals from Swiss rival GAM Holding AG in the latest effort by the UK asset manager to bolster its Europe equities business and reverse outflows.

Niall Gallagher, Chris Sellers and Chris Legg are set to join the London-based firm next year, Jupiter said in a statement on Tuesday. The trio manages about £1.4 billion ($1.8 billion) of European equity strategies at GAM on behalf of institutional and retail clients. 

Jupiter said that “absent any further engagement with GAM in relation to the potential transfer of the funds currently managed” by the team, it expects the three managers to oversee Jupiter’s existing European equity fund range by the summer of 2025. 

Jupiter has been battling the general woes plaguing the asset management industry and has seen a long run of client redemptions over the past few years. Its clients pulled a net £1.6 billion in the third quarter, extending outflows for the year to £5 billion as the firm grapples with the departure of Ben Whitmore, one of its star managers.

Chief Executive Officer Matthew Beesley, who took the helm two years ago, has been seeking to diversify Jupiter’s offerings and reverse the withdrawals. 

Jupiter last month said it will acquire a team and assets from boutique firm Origin, as part of a broader push into emerging markets. Earlier this year, Jupiter announced it had hired Adrian Gosden and Chris Morrison from GAM, where they co-managed a UK equity income fund. 

The exit of the three asset managers marks the latest blow for Zurich-based GAM, which has suffered years of declining assets and is seeking to rebuild its business following the takeover by an investor group led by French billionaire Xavier Niel. 

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